Boca Raton, Fla. (July 27, 2021) – Berkadia announces it has arranged $12 million in financing for the acquisition of The Village at Boca East, an 84-unit multifamily community in Boca Raton. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of Rental Asset Management (RAM), a real estate investment firm based in Fort Lauderdale, Florida.
Berkadia originated and Freddie Mac purchased the 10-year, Green Up® loan with a fixed rate.
“The property’s competitive location near Florida Atlantic University and Palm Beach County’s rising employment rates provided two important demand drivers in a market that’s seen rising corporate relocations benefitting new and current residents,” said Sinberg. “Taking advantage of Freddie Mac’s Green Up® financing, the sponsor will be able to carry out an extensive value-add program that also brings necessary eco-friendly upgrades throughout the asset.”
Built in 1975, The Village at Boca East is located at 1601 NW 13th Street. One-, two- and three-bedroom units include walk-in closets, dishwasher and range. Community amenities feature swimming pools, a courtyard with garden and on-site laundry facilities.
Situated near central Boca Raton, the community is found near multiple employers including Florida Atlantic University, Boca Raton Airport and Lynn University, which are each just 5 minutes away from the property. Transit corridors like Interstate 95, North Federal Highway and N Military Trail are also 5 minutes away, providing direct access throughout South Florida and the rest of the Atlantic Coast.